Vietnam does not allow Bitcoin transactions

Vietnam does not allow Bitcoin transactions

Vietnam government and the State Bank of Vietnam do not recognize Bitcoin under the currency laws. The State Bank of Vietnam has voiced out that, only the official Vietnam dong (VND) is used as a means of payment in Vietnam.

The State Bank of Vietnam has sent an official warning regarding the risks associated with Bitcoin, and that the government does not recognize Bitcoin, and any disputes from the usage of the digital currency would not be resolved by the government.

However, Vietnam stops short of banning Bitcoin. The Governmental Office has requested the State Bank to study the issues relating to Bitcoin and report it to the Prime Minister in February 2014. So apparently, Vietnam will stop Bitcoin use while gathering more information to determine the future of digital currency use in the country.